Portman Ridge Finance Co. (NASDAQ:PTMN) Short Interest Up 114.9% in June

Portman Ridge Finance Co. (NASDAQ:PTMN) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totalling 47,700 shares, an increase of 114.9% from the June 15th total of 22,200 shares. Based on an average daily volume of 33,500 shares, the days-to-cover ratio is presently 1.4 days. Currently, 0.5% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods decreased their price target on shares of Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating for the company in a research note on Monday, March 18th.

Portman Ridge Finance Stock Down 0.5 %

PTMN stock opened at $19.50 on Friday. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.37. The business has a 50 day moving average of $19.55 and a 200 day moving average of $19.07. Portman Ridge Finance has a twelve month low of $16.27 and a twelve month high of $21.12. The firm has a market cap of $181.55 million, a PE ratio of 11.68 and a beta of 1.01.

Portman Ridge Finance (NASDAQ:PTMN) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.07). Portman Ridge Finance had a return on equity of 15.21% and a net margin of 21.81%. The company had revenue of $16.53 million during the quarter, compared to analysts’ expectations of $17.48 million. On average, research analysts forecast that Portman Ridge Finance will post 2.72 EPS for the current fiscal year.

Portman Ridge Finance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 14.15%. The ex-dividend date of this dividend was Monday, May 20th. Portman Ridge Finance’s payout ratio is 165.27%.

Hedge Funds Weigh In On Portman Ridge Finance

Hedge funds have recently added to or reduced their stakes in the company. Arlington Trust Co LLC purchased a new stake in shares of Portman Ridge Finance during the fourth quarter valued at $36,000. Cape Investment Advisory Inc. bought a new stake in shares of Portman Ridge Finance in the fourth quarter worth approximately $62,000. Founders Financial Alliance LLC purchased a new position in shares of Portman Ridge Finance during the fourth quarter valued at approximately $255,000. International Assets Investment Management LLC lifted its position in Portman Ridge Finance by 1,719.0% during the fourth quarter. International Assets Investment Management LLC now owns 58,153 shares of the company’s stock valued at $1,058,000 after purchasing an additional 54,956 shares during the period. Finally, Confluence Investment Management LLC bought a new position in Portman Ridge Finance during the first quarter valued at approximately $1,112,000. 30.14% of the stock is currently owned by hedge funds and other institutional investors.

About Portman Ridge Finance

Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, mezzanine, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.